Economy of the European Union

Greek Prime Minister Kyriakos Mitsotakis met with visiting Eurogroup President Paschal Donohoe at the Maximos Mansion in Athens on Thursday, stating that "it is a good opportunity to discuss the economic issues of Europe and Greece."

He also expressed hope that the choice of the new European Commission president will be approved by the European Parliament.

In May, the unemployment rate in the Eurozone held steady at a historic low of 6.4%, marking the second consecutive month at this level, according to data from Eurostat, the EU's official statistics agency. This rate is the lowest recorded in the Eurozone since 1998, just before the introduction of the euro in January 1999.

The European Central Bank (ECB) is expected to inform Bulgaria today that the country is not ready to join the Eurozone at the beginning of 2025, according to Politico. At noon, the European Commission will release reports on the convergence of EU member states planning to adopt the single currency.

The European Commission recommended on Wednesday that Greece curb the rise of net expenditures in its individual member country recommendations in socioeconomic policy in 2025, in the context of the European Semester.

The Greek economy's growth rate as well as the increase in investments and exports are currently the country's strongest points, compared to the rest of the eurozone, as shown in the statistical tables of the Commission's spring forecasts, published on Wednesday.

The European Commission calculates Greece's growth at 2.2% in its spring forecasts for this year and 2.3% for 2025, undercutting the projection of the Greek government. Brussels' forecast was below the estimate of the recent Stability Program for 2.5% and 2.6% respectively.

The European Commission anticipates that Bulgaria will narrowly approach meeting the inflation criterion required for entry into the Eurozone, although it may not fully satisfy it.

Bulgaria's National Bank has disclosed the country's external debt figures, revealing a notable increase in gross foreign debt at the end of February 2024. The total gross external debt stands at over 44.4 billion euros, equivalent to 43.9% of the gross domestic product (GDP). This marks a slight rise of nearly 161 million euros compared to the previous year's end.

Unemployment, which reached historic highs of 27.2% in 2013, has now fallen to 10%, while the non-performing loan rate in Greek banks has dropped to 7%

Amidst discussions about Bulgaria's journey towards joining the Eurozone, Deputy Governor of the Bulgarian National Bank (BNB), Petar Chobanov, highlighted the robustness of Bulgaria's banking system, stating it aligns closely with Eurozone standards.